Commen sense in Kingman, AZ
March 22, 2010 | Arizona, industry | Comments (0)Today’s must read of the day is from news editor Rich Therlow in the Daily Miner:
What I do know is that if someone needs $100 and it’s worth $117.65 to them, who am I to say no?
Payday loan industry opponents say the business is predatory and targets the poor. My question – one of them, anyway – is who will these people turn to for cash if all these businesses close their doors on July 1?
Banks? Credit unions? Are banks and credit unions even interested in taking the time to lend $100 if it’s going to make them $2 or $4? Perhaps they have a loan-processing fee of $17.65. I don’t know.
And with unemployment hovering around 10 percent, and not counting those who have given up on finding work, is the time ripe to put all those payday loan employees out of work?
Do we want more vacant storefronts in Kingman?
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